CRIF to buy AI fintech Strands
Italian credit bureau systems supplier CRIF has acquired Strands, an artificial intelligence (AI)-driven banking solution provider based in Barcelona and Florida.
The companies, which have not disclosed the sum of the deal, say it is expected to close in the “coming weeks”.
Strands also has offices in Asia and South America, delivering digital money management software powered by AI, big data and machine learning technology to financial institutions worldwide.
With more than 6,300 banks in 50 countries on its books, CRIF will be able to support Strands’ offering, which currently serves 700 financial institutions which reach 100 million banking consumers, significantly further into the banking sector.
“The combination between Strands and CRIF will create a strong worldwide digital solutions provider in access to account, account aggregation, and AI-powered Business Financial Management (BFM) and Personal Financial Management (PFM) solutions,” the companies said in a joint statement.
“Through this deal, CRIF will combine its market knowledge and expertise with an innovative and well-positioned fintech player, creating synergies that will help our global clients to keep on growing and innovating through their digital transformation journey”, says CRIF’s chairman Carlo Gherardi.
CRIF landed an Account Information Service Provider (AISP) licence last year, which allows it to access bank account data in 31 European countries.
Founded in in 2004, Strands made another big move this month by launching its retail and small-business digital banking solutions on the Oracle Cloud Marketplace.
The launch further pushes the availability of Strands’ AI-driven money management solutions to financial institutions worldwide.